Egypt’s Banque Misr posts $600.2 mln profits in FY2017/18

Egypt’s second-largest state-run bank, Banque Misr achieved net profits of 10.4 billion Egyptian pounds ($600.2 million) before tax deductions during the financial year 2017/2018 and 6.3 billion pounds after taxes.

In a statement on Monday, the bank said that the total financial position hiked 12.3 percent, reaching 884 billion pounds from 787 billion pounds in the previous financial year.

The decline in profits is attributed to the bank’s offering of saving vessels in Egyptian pounds with high revenue (17 percent and 20 percent) following the state’s plan for economic reforms.

The customer deposits grew 25.7 percent, recording 670 billion pounds against 533 billion pounds in the previous financial year.

The bank dominates 18.8 percent of the Egyptian deposit market with an increase of 1.2 percent.

Source: MENA